Bitcoin Technical Analysis
Bitcoin initially did pull back just a bit during the trading session on Friday, but as we have seen over the last couple of days, there seems to be a significant amount of buying pressure underneath. The $90,000 level underneath is likely to continue to be important, as it was a previous resistance level, as well as support going back a few months ago. Furthermore, Bitcoin does seem to love these large, round, psychologically significant figures. So, all of that being put together, I do think that the $90,000 level, of course, will remain a focal point.
That being said, we are hanging around the $94,000 level at the moment, which has been important in the past. If we can rally from here, and it certainly looks like a lot of people are trying to push Bitcoin higher, then Bitcoin could go looking for a move to the $100,000 level. This is a market that I think continues to see a lot of volatility, but quite frankly, it is interesting that we are seeing a bit of a pickup here in Bitcoin as the stock markets are trying to come back to life as well.
